India, May 18 -- The Indian rupee weakened sharply in early Monday trade, touching a fresh record low of 96.25 against the US dollar amid rising crude oil prices, global market uncertainty, and continued strength in the US dollar.
Currency market participants said elevated oil prices and ongoing geopolitical tensions have increased pressure on emerging market currencies, with the rupee bearing the impact of the risk-off sentiment.
The domestic currency opened at 96.19 in the interbank forex market before sliding further to 96.25 against the dollar, marking a decline of 44 paise from the previous close.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....